BankWest was first established in 1895 by the Government of Western Australia. Known back then as the Agricultural Bank of Western Australia it was launched to assist in developing the state’s agricultural industry. Throughout the next 50 years the bank underwent a series of name changes. In 1994 it embraced the trading name of BankWest. The bank currently stands as Western Australia’s leading bank and holds a Standard & Poors short-term credit rating of "A-1+" and long term rating of "AA-". Its provision of investment grade security has developed its interstate client base at a phenomenal rate with 48.8% of activity accounting for its total lending at the end of 2006.